ResMed (NYSE:RMD) dropped its Q4 earnings package earlier this month displaying that the company’s revenue enjoyed a substantial 4 per cent bump to USD$914.7 million.
That’s considerable, given that the sleep tech devices market was valued at USD $15 billion in 2021 and is expected to enjoy a substantial compound annual growth rate of around 18.1 per cent between 2022 and 2030, according to gminsights.
“Our global team remains focused on supporting patients, providers, and physicians — our top priority is to get products directly into the hands of patients who need therapy most. Looking ahead, we are confident in our ability to grow steadily throughout fiscal year 2023 and to continue delivering for all stakeholders. We are investing in R&D to drive accelerated adoption of digital health solutions in sleep apnea, COPD, and outside-hospital care, as we progress towards our goal to improve 250 million lives in 2025.”
ResMed is a manufacturer of digital health technologies and medical devices connected to the cloud for people with sleep apnea, chronic obstructive pulmonary disease (COPD) and other chronic diseases. The company has comprehensive software platforms which support caregivers and other health professionals in their aims to keep people healthy in the home or care setting.
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In Q4, ResMed’s revenue enjoyed a 4 per cent bump to $914.7 million, an 8 per cent increase over the previous year. The gross margin also grew 110 bps to 57.1 per cent, as non-GAAP gross margin grew 50 bps to 57.8 per cent. Also, income from operations got a 6 per cent boost, while operating profit was up 4 per cent, and the company had a diluted earnings per share of $1.33, while non-GAAP earnings per share were $1.49.
The entire year continues the trend with revenue enjoying a 12 per cent boost to $3.6 billion, which is up 13 per cent on a constant currency basis, while gross margin reduced 90 bps to 56.6 per cent, and non-GAAP gross margin contracted 140 bps to 57.7 per cent. Income from operations got a 11 per cent boost while non-GAAP operating profit rose 8 per cent, and finally, diluted earnings per share were $5.30 with a non-GAAP diluted earnings per share settled at $5.79.
“I am incredibly proud of the global ResMed team that was able to deliver strong constant currency revenue growth of 8% in the June quarter. During the fourth quarter of fiscal year 2022, we annualized $20 million in COVID-related ventilator sales and incremental revenue in the range of $60 to $70 million related to a competitor’s recall during the fourth quarter of fiscal year 2021. For full fiscal year 2022, we achieved $3.6 billion in revenue, with 13% constant currency revenue growth year-over-year, and operating profit growth of 8%, all on a non-GAAP basis,” said Mick Farrel, ResMed’s CEO.
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